Fun

US probes Jack Dorsey’s Block, Inc. over financial transactions: Report

News Feed - 2024-05-02 11:05:48

Tom Mitchelhill6 hours agoUS probes Jack Dorsey’s Block, Inc. over financial transactions: ReportU.S. prosecutors are reportedly investigating the fintech firm after a whistleblower claimed it processed thousands of transactions for users from sanctioned countries and terrorist groups.3576 Total views38 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksUnited States federal prosecutors are reportedly probing Jack Dorsey’s fintech company Block, Inc. after a whistleblower surfaced documents alleging ongoing and widespread compliance violations at the firm’s payment arms Square and Cash App.


A former Block employee provided prosecutors from the Southern District of New York with documents allegedly showing that Square and Cash App processed thousands of transactions for users in countries subject to economic sanctions as well as crypto transactions for terrorist groups, NBC News reported on May 1


Roughly 100 pages of the documents were provided to NBC News, which reported many transactions were in small dollar amounts involving entities in countries subject to United States economic sanctions, including Iran, Russia, Cuba, and Venezuela.


The whistleblower said that most of the transactions discussed with prosecutors — which involved credit card, fiat, and Bitcoin (BTC) transactions — were not reported to the government.


Block did not correct its processes when it was alerted to the alleged breaches of compliance, the former employee alleged.


“From the ground up, everything in the compliance section was flawed,” they said.“It is led by people who should not be in charge of a regulated compliance program.”


A second anonymous source with “direct knowledge” of Block’s internal systems also confirmed the whistleblowers’ allegations to NBC News.


Edward Siedle — a former Securities and Exchange Commission lawyer who represents the whistleblower — said it was his understanding from the documents that compliance breaches were “known to Block leadership and the board in recent years.”


A Block spokesperson told NBC News that the firm maintained a “responsible and extensive” compliance program that was regularly adapted to meet “emerging threats and an evolving sanctions regulatory environment.”


Related:Jack Dorsey’s Block announces development of ‘full Bitcoin mining system’


The reported probe into Block, Inc. comes amid a wider spate of legal action against cryptocurrency firms in the United States.


Binance founder Changpeng Zhao was sentenced to four months in prison on April 30 after earlier pleading guilty to failing to maintain a legally compliant Anti-Money Laundering program at the exchange.


On April 24, the co-founders of crypto mixer and Bitcoin wallet Samourai Wallet were arrested on money laundering charges. The pair later pleaded not guilty in court and were released on a $1 million bond.


On April 25, Ethereum development firm Consensys sued the SEC, alleging the regulator had orchestrated a campaign to “seize control over the future of cryptocurrency” with enforcement actions aimed at deeming Ether (ETH) as a security.


Consensys said it had received a Wells notice from the SEC on April 10, which can often precede an enforcement action.


Magazine:Lazarus Group’s favorite exploit revealed — Crypto hacks analysis# Cryptocurrencies# Law# Business# United States# Square# Terrorism# Jack Dorsey# RegulationAdd reaction

News Feed

Bitcoin Price Slides Below $70,000: These Are The Key Reasons
Este artículo también está disponible en español. The Bitcoin (BTC) price has experienced a significant downturn over the past 24 hours, falling below the critical $70,00
Defi’s Rise Is Inevitable, and Fusion Is Driving This Evolution of Conventional Finance
Defi’s Rise Is Inevitable, and Fusion Is Driving This Evolution of Conventional FinanceFour billion dollars.This is the total amount of funds locked in “Defi”, growing
Brian Quarmby8 hours agoSenator Lummis files amicus brief supporting Coinbase’s dismissal motion against SECSenator Cynthia Lummis argued that the SEC is attempting to “circumvent the political process” by establis
Quantitative Hardening: Dissecting the Third Bitcoin Halving, 3 Key Data Points to Watch
Quantitative Hardening: Dissecting the Third Bitcoin Halving, 3 Key Data Points to WatchIn a touch more than 24-hours time, the third bitcoin halving will take place on May 12, 2020
Bitcoin has ‘familiar bullish smell’ as BTC price hits $66K — Analyst
William Suberg10 hours agoBitcoin has ‘familiar bullish smell’ as BTC price hits $66K — AnalystBTC price activity gets market observers excited as Chinese stocks see their best week in 16 years.5171 Total views7 To
UK Intelligence Chief Raises Concerns About Use of Digital Renminbi to Control Global Transactions
UK Intelligence Chief Raises Concerns About Use of Digital Renminbi to Control Global Transactions The chief of the Government Communications Headquarters (GCHQ), one of the big th
Yuga Labs’ Twelvefold Collection of Ordinal Inscriptions Generates 735 Bitcoin, Worth More Than $16 Million
Yuga Labs" Twelvefold Collection of Ordinal Inscriptions Generates 735 Bitcoin, Worth More Than $16 Million Yuga Labs, the creators of the blue-chip non-fungible token (NFT) collec
Cointelegraph Innovation Circle8 hours agoNFT projects: Keep your community engaged with these 12 tipsAn engaged, loyal community is an essential ingredient in the long-term success of an NFT project.509 Total views2 Tot
Rachel Wolfson10 hours agoEnterprise blockchain: ‘Ethereum for Business’ explains key use casesPaul Brody’s “Ethereum for Business” gives a basic overview of enterprise Ethereum, while providing real-world use
US Senator Launches Investigation Into ‘How Cryptocurrencies Facilitate Cybercrimes’
US Senator Launches Investigation Into "How Cryptocurrencies Facilitate Cybercrimes" A U.S. senator has launched an investigation into the rise of ransomware att
Luxury brand blockchain platform Arianee aims to scale, launches L2 on Polygon
Gareth Jenkinson13 hours agoLuxury brand blockchain platform Arianee aims to scale, launches L2 on PolygonArianee has launched a Polygon CDK-powered layer 2 to issue and manage digital product passports for various luxur
Swiss Bitcoiners renew efforts to orange-pill the country’s central bank
Brayden Lindrea4 hours agoSwiss Bitcoiners renew efforts to orange-pill the country’s central bankThe Bitcoiners will first need to convince 100,000 Swiss nationals to sign the petition to kick off a referendum — a t